Toronto — Net redemptions of mutual funds for June were estimated to be between $1.3-billion and $1.8-billion, according to the Investment Funds Institute of Canada.
IFIC estimated Friday that net assets of the mutual fund industry for the month of June were between $542.9-billion and $547.9-billion, up 1.43 per cent from May's total of $537.8-billion.
“We are continuing to see a re-balancing of assets, as investors are moving back into long-term fund categories,” IFIC's Pat Dunwoody said in a statement.
“In addition, we are seeing investors move to other interest-bearing securities as money market yields have come down over the past few months.”